One-fifth of world's workers work excessive hours: ILO

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GENEVA (Xinhua): One in five workers around the world are still working excessively long hours, often merely to make ends meet, the International Labour Organisation (ILO) said Thursday.
In a new report, the ILO said an estimated 22 per cent of the global workforce, or 614.2 million workers, are still working over 48 hours a week.
It added that progress toward a maximum 48-hour week is still uneven around the world, nearly a century after the standard was adopted by ILO member states.
"The good news is that progress has been made in regulating normal working hours in developing and transition countries," said Jon C. Messenger, a co-author of the study.
The study spotlighted working time in over 50 countries. In terms of those countries with the highest incidence of long working hours for 2004-2005 (defined as more than 48 hours per week), Peru topped the list with 50.9 per cent of workers have to work excessive time.

Oil rises to nearly $67 a barrel

NEW YORK (AP): Oil and gasoline futures jumped Thursday on concerns that US refineries aren't making enough gasoline to meet domestic demand.
Those worries were fed by a government report Wednesday that showed refinery utilisation fell 1.5 per cent last week to 89.6 per cent of capacity.
"That's the really big story," said Michael Davies, an analyst at Sucden Ltd., a commodities brokerage firm. "There are going to be concerns whether the U.S. can cope with gasoline over (the) summer."
Light, sweet crude for July delivery rose 97 cents to settle at US$66.93 a barrel after venturing above $67 earlier in the day on the New York Mercantile Exchange. That was the front-month contract's first intra-day move into $67 territory since September.Gasoline futures for July inched up 0.23 cent to settle at $ 2.1927 a gallon on the Nymex.
Pump prices, on the other hand, continue to moderate. The average national price of a gallon of gas fell nearly a cent overnight to $ 3.131, down 9.6 cents from its late May peak.

India to decide on another sugar package

NEW DELHI, June 8 (PTI): Faced with a glut situation, the Government yesterday said it is considering another package for sugar industry, including incentives for export of raw sugar and would move the cabinet in next 2-3 weeks for the purpose.
The proposals include incentives to mills for export of raw sugar, raising the buffer stock position from the current two million ton, a rehabilitation plan for sick sugar mills and ethanol blending with petrol, Agriculture and Food Minister Sharad Pawar told reporters on the sidelines of a function.
The minister said the industry has demanded the same incentives for raw sugar export as given for shipment of refined sugar.